MOL and TotalEnergies Sign Time Charter Contracts for 2 Newbuilding LPG-fueled LPG Carriers

Source: www.gulfoilandgas.com 5/16/2024, Location: Asia

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) announced that through its group company MOL Energia Pte. Ltd. (President: Miki Ogura; Head Office: Singapore), it signed a time charter contract for two liquefied petroleum gas (LPG) dual-fuel very large gas carriers (VLGCs) with a subsidiary of TotalEnergies, CSSA Chartering and Shipping Services SA (CSSA). The vessels will be built by Hyundai Samho Heavy Industries Co., Ltd. in South Korea and are scheduled for delivery in 2026.

The dual-fuel vessel can run on either LPG or conventional heavy oil, and when LPG is used as fuel, CO2 emissions can be reduced by about 20% and sulfur oxides (SOx,) particulate matter (PM), and so on by about 90% compared to heavy oil. In addition, the specifications allow for the transport of ammonia as well as LPG. Ammonia, which emits no carbon dioxide during combustion, is expected to increase in demand in the future as a next-generation clean energy source.

MOL has built a strong relationship with TotalEnergies in many fields, including the transport of marine fuel oil and long-term charter contracts for LNG carriers and LNG bunkering vessels. It will build an even stronger partnership with TotalEnergies through the conclusion of this charter contract.

The MOL Group has positioned environmental strategy as a key element in its "BLUE ACTION 2035" management plan, and has set the target of achieving net zero greenhouse gas (GHG) emissions by 2050 in the "MOL Group Environmental Vision 2.2." The group will continue working together to achieve net zero GHG emissions by 2050 through concerted group-wide efforts.


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